Leonovus: Fiscal 1Q21 Financial Results

Leonovus Inc. announces the filing of its unaudited Interim Financial Statements and Management Discussion and Analysis (MD&A) for the quarter ended March 31, 2021.

A comprehensive discussion of Leonovus’ financial position and results of operations is provided in the MD&A available on SEDAR at www.sedar.com.

Amounts are in Canadian dollars

The company recorded revenue of $78,000 during 1FQ21 compared to $65,000 in 1FQ20.

As a result of closing its $3.44 million marketed short form prospectus offering on May 2, 2021, it has the cash available to invest in sales and marketing as well as product development.

“With the recent closing of our financing, we are ramping our sales and marketing efforts in both the private and public sectors and have already added four new contractors and systems integrators to our business development efforts over the past two weeks. The Government of Canada remains a key target for our products and services and we have several ongoing opportunities being nurtured as well as new proposals,” said Michael Gaffney, COB and CEO.

Leonovus is a software provider that offers storage solutions that untether data, allowing to embrace cloud storage securely, simply and cost-effectively while giving the flexibility to deal with the ever-evolving cloud storage landscape.
Leonovus Smart Filer is an ILM solution that analyzes existing file storage and extends its capacity automatically and transparently.

According to customer-defined policies, infrequently accessed files are automatically removed from high-cost, high-performance primary storage, and placed in secondary or cloud storage, without any changes to how users and applications access them.

Designed with the IT manager in mind, Leonovus Vault uses patented algorithms to analyze, classify, encrypt, shred and spread data across a network of on-premises, hybrid or multi-cloud storage nodes – allowing for the most secure yet internally accessible form of object-based storage across the entire solution. The advanced geo-distributed architecture minimizes latency, optimizes geo-availability, reduces remote backup costs and meets data sovereignty requirements. With its software and hardware agnostic design, Vault provides petabyte scalability. It allows the enterprise to use its existing idle storage resources, extend the useable lifespan of depreciated resources and improve the enterprise’s overall ROI.